The Nigerian Education Loan Fund (NELFUND) has announced that the application portal for the 2024/2025 student loan cycle will open on Saturday, February 22, 2025......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
This follows the closure of the 2023/2024 application window on Friday, February 21, 2025. The announcement was made by Akintunde Sawyerr, Managing Director of NELFUND, during a press conference held in Abuja on Monday, February 17.
Sawyerr highlighted the agency’s achievements during the 2023/2024 cycle, revealing that over N22 billion had been disbursed to cover institutional fees for 215,514 students across 240 tertiary institutions. Additionally, NELFUND provided N13 billion in upkeep support to 169,114 students, with each beneficiary receiving N20,000 monthly to assist with living expenses.
“In just 229 days, we received an impressive 364,042 applications, averaging 1,000 applications per day this demonstrates the significant demand for financial support among Nigerian students and underscores the importance of our mission.” Sawyerr stated.
The transition to the 2024/2025 application cycle is part of NELFUND’s efforts to streamline operations, align with the academic calendar, and enhance the efficiency of its processes. Sawyerr emphasized the agency’s commitment to transparency, fairness, and continuous improvement in administering the loan scheme.
“We want to ensure that all applicants who successfully submitted their applications before the February 21 deadline are processed in line with our established guidelines. Our team remains dedicated to a fair and timely review of all pending applications,” he said.
Sawyerr encouraged prospective applicants for the 2024/2025 cycle to begin preparing by gathering the required documents. He assured applicants that their submissions would be reviewed according to NELFUND’s standard procedures and reiterated the agency’s dedication to supporting students in overcoming financial barriers to education.
“NELFUND remains committed to providing financial support to students, ensuring that no deserving individual is denied education due to financial constraints,” he affirmed.
The managing director also addressed challenges faced during the 2023/2024 cycle, particularly delays in processing applications. He attributed these delays to beneficiary institutions responsible for verifying students’ information, which in turn affected the timely payment of institutional fees and upkeep allowances.
“Upkeep payments are made only after institutional fees are confirmed, with a gap of a week or two between the two payments,” Sawyerr explained. He added that NELFUND is updating its student database to ensure that only active students receive support, with a focus on transitioning smoothly into the 2024/2025 academic session.
The student loan scheme, a critical initiative by the Federal Government, aims to alleviate the financial burden on students and their families, enabling greater access to quality education. As the 2024/2025 application cycle approaches, NELFUND continues to refine its processes to better serve Nigeria’s student population and uphold its mandate of fostering educational equity.
Prospective applicants are advised to visit the NELFUND portal for detailed guidelines and updates as the new application window opens on February 22, 2025.